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with phil mattingly. he has details on the senate cost offshore tax evasion hearing. what was the primary defense today? >> he was more than willing to acknowledge that a small number of credit suisse bankers went above and beyond to help u.s. citizens of the taxes. senior management was deeply regretful for those actions. they said that they were on a pathway to reforming themselves. they work to try to change that. that was not enough for the senate chairman. take a listen. >> you do not want to be in the purely business that dirty business of helping u.s. clients she on her taxes. it is important if you are really going to the a reform bank that you have got to acknowledge what is clear in our report, the wrongdoing went beyond these mulgrew of rogue bankers. iswhat you see right there the senator nailing the biggest difference. claims that this was just a small number of bankers who were involved. in a report released by the committee, it is a very large number of bankers, as many as 1800, may have been involved. that was not results yet. hear frommittee will top justice department of
years. >> stay with bloomberg. peter will have a live interview with the chairman of the tax writing ways and means committee. they will discuss the chairman's new tax proposal in the 4:00 hour of "street smart" only on bloomberg. coming up, more on janet yellen's testimony. u.s.l be joined by chief economist at jpmorgan when we return. ♪ lex federal reserve chair janet yellen repeated the central banks likely to keep trimming asset personages -- asset purchases. for a look at that, i'm joined here by the chief u.s. economist at j.p. morgan chase. welcome back to "bottom line." >> good to be back. >> chairman yellen said she and her colleagues will continue to monitor data to determine if recent weakness in the u.s. economy is temporary. bondlso added the purchases in her words are not on a preset course. >> i took away there is still a high hurdle to stop or pause in the tapering process. it is not on a preset course. take a different look in the labor market to stop --. if that data were to really come in below expectation, we cannot rule out a deposit the next meeting. however t
is optimistic for a good reason because we don't have big tax increases and spending cuts like we did last year. it creates a much better climate. >> as the fed has pointed out, this bill engages in very loose monetary policy. they're taking away the extraordinary measures. they are not raising rates. they're been very clear that rate raising is going to be starting untilot 2015. >> how quickly can policymakers make that pivot? >> there are two ways they could change the paper. it they could slow the amount of tapering from $10 million to $5 billion zero. or they could actually reverse it and start adding. they can do this whenever they want. they can have an inner meaning of vent -- even. they can do it whenever they have a meeting. whenever they want. although i really think they won't do an inner meeting group. they might do one. >> that said taper strategy -- it is interesting to note that although the fed is a ,arket and have similar views the fed is more optimistic about the economy. if the economy does weekend and it turns out not to be just eather, you could see a halt in the taper. wha
early childhood education and job training programs. $60 billion to expand tax credits like the earned income tax credit. what it also does is pays for crop including insurance subsidies and cutting back on certain types of tax loopholes. what this underlines is a new reality for the obama administration. it is an election year. has startedpicture to improve. take a listen to what the president had to say that. >> is a roadmap for creating jobs with good wages and expanding opportunity for all americans. at a time when i deficit has been cut in half. it allows us to meet our obligations to future generations. from the heard president, deficit picture is looking better. much so that levels will be below where they were before the budget crisis. >> how do republicans react to away from the emphasis on deficit reduction act out >? >> john baeder came out and said that this was the most irresponsible budget yet of the obama has proposed. the president laster put out an all french to republicans and said he was willing to make changes to social security, medicare and other entitlement progr
they apply for tax-exempt status. she appeared in the house oversight committee but in vote not tostitutional right incriminate herself. at the top look stories in the news at this hour. janet yellen is at a ceremonial ,wearing-in in washington taking over the job as the central bank official. peter cook joins me with details. >> we're just learning about this event for the federal reserve. janet yellen has already been sworn in and has been on the job for several weeks. this is a ceremonial swearing-in where she did not make significant news in her comments. generally, it's about the job and the challenge ahead were. she is speaking at this moment to members of the federal reserve staff. jack lew is there, as is the former federal chair reserved chairman. she says about the economy in these comments, too many americans cannot find a job and are forced to work part-time. stable employment and prices. it is equally clear the economy continues to operate short of these objectives. i will work with policymakers to achieve this. not hugely controversial. we have heard this from her before on capi
Search Results 0 to 4 of about 5